ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments
September 30, 2022 (Unaudited)
Investments | Principal/ | Value | ||||||
U.S. TREASURY BILLS – 49.4% | ||||||||
U.S. Treasury Bill, 1.97%, 04/20/23(a) | $ | 50,000,000 | $ | 49,015,019 | ||||
U.S. Treasury Bill, 2.85%, 06/15/23(a) | 30,000,000 | 29,233,371 | ||||||
Total U.S. Treasury Bills (Cost $78,858,891) | 78,248,390 | |||||||
EXCHANGE TRADED FUND – 12.3% | ||||||||
Debt Fund – 12.3% | ||||||||
AdvisorShares North Square McKee Core Reserves ETF† | ||||||||
(Cost $19,886,000) | 200,000 | 19,446,000 | ||||||
MONEY MARKET FUNDS – 24.4% | ||||||||
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 2.76%(b)(c) | 22,361,342 | 22,361,342 | ||||||
Fidelity Institutional Money Market Government Portfolio - Class III, 2.49%(b) | 16,309,497 | 16,309,497 | ||||||
Total Money Market Funds (Cost $38,670,839) | 38,670,839 | |||||||
Total Investments Before Securities Sold, Not Yet Purchased | ||||||||
(Cost $137,415,730) | 136,365,229 | |||||||
Securities Sold, Not Yet Purchased – (60.9)%(d) | ||||||||
COMMON STOCKS – (60.9)% | ||||||||
Aerospace/Defense – (0.5)% | ||||||||
Spirit AeroSystems Holdings, Inc., Class A | (40,000 | ) | (876,800 | ) | ||||
Banks – (1.0)% | ||||||||
East West Bancorp, Inc. | (25,000 | ) | (1,678,500 | ) | ||||
Building Materials – (2.5)% | ||||||||
James Hardie Industries PLC(e) | (100,000 | ) | (1,978,000 | ) | ||||
Louisiana-Pacific Corp. | (40,000 | ) | (2,047,600 | ) | ||||
Total Building Materials | (4,025,600 | ) | ||||||
Commercial Services – (1.2)% | ||||||||
Dlocal Ltd. (Uruguay)* | (90,000 | ) | (1,846,800 | ) | ||||
Cosmetics / Personal Care – (0.7)% | ||||||||
Beauty Health Co. (The)* | (100,000 | ) | (1,179,000 | ) | ||||
Diversified Financial Services – (5.7)% | ||||||||
Coinbase Global, Inc., Class A* | (27,500 | ) | (1,773,475 | ) | ||||
Credit Acceptance Corp.* | (8,000 | ) | (3,504,000 | ) | ||||
Flywire Corp.* | (60,000 | ) | (1,377,600 | ) | ||||
OneMain Holdings, Inc. | (80,000 | ) | (2,361,600 | ) | ||||
Total Diversified Financial Services | (9,016,675 | ) | ||||||
Electrical Components & Equipment – (6.9)% | ||||||||
Energizer Holdings, Inc. | (95,000 | ) | (2,388,300 | ) | ||||
Universal Display Corp. | (90,000 | ) | (8,491,500 | ) | ||||
Total Electrical Components & Equipment | (10,879,800 | ) | ||||||
Engineering & Construction – (2.9)% | ||||||||
Exponent, Inc. | (25,000 | ) | (2,191,750 | ) | ||||
TopBuild Corp.* | (15,000 | ) | (2,471,700 | ) | ||||
Total Engineering & Construction | (4,663,450 | ) | ||||||
Home Builders – (0.7)% | ||||||||
Winnebago Industries, Inc. | (20,000 | ) | (1,064,200 | ) |
Investments | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Home Furnishings – (2.0)% | ||||||||
Tempur Sealy International, Inc. | (130,000 | ) | $ | (3,138,200 | ) | |||
Insurance – (1.7)% | ||||||||
Trupanion, Inc.* | (45,000 | ) | (2,674,350 | ) | ||||
Internet – (2.6)% | ||||||||
Chewy, Inc., Class A* | (50,000 | ) | (1,536,000 | ) | ||||
F5, Inc.* | (17,000 | ) | (2,460,410 | ) | ||||
Weibo Corp. (China)*(e) | (6,000 | ) | (102,600 | ) | ||||
Total Internet | (4,099,010 | ) | ||||||
Iron / Steel – (1.3)% | ||||||||
Vale SA (Brazil)(e) | (150,000 | ) | (1,998,000 | ) | ||||
Lodging – (1.2)% | ||||||||
Wyndham Hotels & Resorts, Inc. | (30,000 | ) | (1,840,500 | ) | ||||
Machinery - Diversified – (1.2)% | ||||||||
Dover Corp. | (16,000 | ) | (1,865,280 | ) | ||||
Oil & Gas Services – (1.0)% | ||||||||
Oceaneering International, Inc.* | (200,000 | ) | (1,592,000 | ) | ||||
REITS – (1.1)% | ||||||||
Equinix, Inc. | (3,000 | ) | (1,706,520 | ) | ||||
Retail – (0.8)% | ||||||||
CarMax, Inc.* | (20,000 | ) | (1,320,400 | ) | ||||
Semiconductors – (1.9)% | ||||||||
ACM Research, Inc., Class A* | (75,000 | ) | (934,500 | ) | ||||
Cirrus Logic, Inc.* | (30,000 | ) | (2,064,000 | ) | ||||
Total Semiconductors | (2,998,500 | ) | ||||||
Software – (24.0)% | ||||||||
Akamai Technologies, Inc.* | (25,000 | ) | (2,008,000 | ) | ||||
Braze, Inc., Class A* | (65,000 | ) | (2,263,950 | ) | ||||
CCC Intelligent Solutions Holdings, Inc.* | (60,000 | ) | (546,000 | ) | ||||
Clear Secure, Inc., Class A* | (65,000 | ) | (1,485,900 | ) | ||||
Cloudflare, Inc., Class A* | (40,000 | ) | (2,212,400 | ) | ||||
Confluent, Inc., Class A* | (75,000 | ) | (1,782,750 | ) | ||||
Datadog, Inc., Class A* | (11,500 | ) | (1,020,970 | ) | ||||
Descartes Systems Group, Inc. (The) (Canada)* | (25,000 | ) | (1,588,250 | ) | ||||
E2open Parent Holdings, Inc.* | (300,000 | ) | (1,821,000 | ) | ||||
Elastic NV* | (30,000 | ) | (2,152,200 | ) | ||||
HashiCorp, Inc., Class A* | (110,000 | ) | (3,540,900 | ) | ||||
Jamf Holding Corp.* | (155,000 | ) | (3,434,800 | ) | ||||
MongoDB, Inc.* | (10,500 | ) | (2,084,880 | ) | ||||
nCino, Inc.* | (72,289 | ) | (2,465,778 | ) | ||||
Palantir Technologies, Inc., Class A* | (200,000 | ) | (1,626,000 | ) | ||||
Samsara, Inc., Class A* | (95,000 | ) | (1,146,650 | ) | ||||
SEMrush Holdings, Inc., Class A* | (130,000 | ) | (1,457,300 | ) | ||||
SentinelOne, Inc., Class A* | (75,000 | ) | (1,917,000 | ) | ||||
Sprout Social, Inc., Class A* | (30,000 | ) | (1,820,400 | ) | ||||
Take-Two Interactive Software, Inc.* | (15,000 | ) | (1,635,000 | ) | ||||
Total Software | (38,010,128 | ) |
ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
Investments | Value | |||
Total Common Stocks | ||||
(Cost $(102,121,090)) | $ | (96,473,713 | ) | |
Total Securities Sold, Not Yet Purchased [Proceeds Received $(102,121,090)] | (96,473,713 | ) | ||
Total Investments – 25.2% | ||||
(Cost $35,294,640) | 39,891,516 | |||
Other Assets in Excess of Liabilities – 74.8% | 118,421,398 | |||
Net Assets – 100.0% | $ | 158,312,914 |
ETF - Exchange Traded Fund
PLC - Public Limited Company
REITS - Real Estate Investment Trusts
* | Non-income producing security. |
† | Affiliated Company. |
(a) | Represents a zero coupon bond. Rate shown reflects the effective yield. |
(b) | Rate shown reflects the 7-day yield as of September 30, 2022. |
(c) | A portion of this security has been pledged as collateral for securities sold, not yet purchased. |
(d) | As of September 30, 2022 cash in the amount of $111,536,261 has been segregated as collateral from the broker for securities sold short. |
(e) | American Depositary Receipt. |
ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
For information on the Fund’s policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.
Fair Value Measurements
The following is a summary of the inputs used, as of September 30, 2022, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
U.S. Treasury Bills | $ | - | $ | 78,248,390 | $ | - | $ | 78,248,390 | ||||||||
Exchange Traded Fund | 19,446,000 | - | - | 19,446,000 | ||||||||||||
Money Market Funds | 38,670,839 | - | - | 38,670,839 | ||||||||||||
Total | $ | 58,116,839 | $ | 78,248,390 | $ | - | $ | 136,365,229 |
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | (96,473,713 | ) | $ | - | $ | - | $ | (96,473,713 | ) |
SUMMARY OF SCHEDULE OF INVESTMENTS
% of | ||||
Net Assets | ||||
Aerospace/Defense | (0.5 | )% | ||
Banks | (1.0 | ) | ||
Building Materials | (2.5 | ) | ||
Commercial Services | (1.2 | ) | ||
Cosmetics / Personal Care | (0.7 | ) | ||
Debt Fund | 12.3 | |||
Diversified Financial Services | (5.7 | ) | ||
Electrical Components & Equipment | (6.9 | ) | ||
Engineering & Construction | (2.9 | ) | ||
Home Builders | (0.7 | ) | ||
Home Furnishings | (2.0 | ) | ||
Insurance | (1.7 | ) | ||
Internet | (2.6 | ) | ||
Iron / Steel | (1.3 | ) | ||
Lodging | (1.2 | ) | ||
Machinery - Diversified | (1.2 | ) | ||
Oil & Gas Services | (1.0 | ) | ||
REITS | (1.1 | ) | ||
Retail | (0.8 | ) | ||
Semiconductors | (1.9 | ) | ||
Software | (24.0 | ) | ||
Sovereign | 49.4 | |||
Money Market Funds | 24.4 | |||
Total Investments | 25.2 | |||
Other Assets in Excess of Liabilities | 74.8 | |||
Net Assets | 100.0 | % |
ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments (continued)
September 30, 2022 (Unaudited)
Affiliated holdings are funds which are managed by the Trust or an affiliate of the Trust. Transactions with affiliated companies during the period ended September 30, 2022 were as follows:
Affiliated Holding Name | Value at 6/30/2022 | Purchases/ Additions | Sales/ Reductions | Realized Gain (Loss) | Change in Unrealized Gain (Loss) | Number of Shares at 9/30/2022 | Value at 9/30/2022 | Dividend Income | ||||||||||||||||||||||||
AdvisorShares North Square McKee Core Reserves ETF | $ | 19,476,000 | $ | - | $ | - | $ | - | $ | (30,000 | ) | 200,000 | $ | 19,446,000 | $ | 82,936 |